The EUR/JPY first consolidated last week, but it broke
upwards on April 23, 2015. The upward break has enabled a Bullish Confirmation
Pattern to form in the market, and the price might reach the supply levels at
130.50 and 131.00. This outlook would be valid as long as the EUR does not
sustain exponential weakness.
EUR/USD: This
pair traded in a tight range until April 23, 2015, when it broke upwards, owing
to the stamina in the Euro. The bullish outlook would be valid for this week –
except the Euro becomes weak – an event that can cause a reversal of the
bullish trend.
USD/CHF: This
market first went upwards last week, testing the resistance level at 0.9700.
The short-term bullish movement was due to a sudden weakness in the CHF, for
all the CHF pairs were affected on the same day. As the CHF eased on the
following day, the price dived, almost reaching the support line at 0.9500. The
support line must be breached to the downside, for the bearish bias to continue
to be in force. Failure to achieve this could cause another rally in the
market.
GBP/USD: Because
the Cable is strong, an upward movement of 300 pips was witnessed in this
market last week. From just below the accumulation territory at 1.4900, the
price went upwards, almost reaching the distribution territory at 1.5200. That
distribution territory could be battered. Should price fail to close above it,
we might witness a bearish correction.
USD/JPY: This is
a type of market in which upswings and downswings are short-term in nature.
However, a closer look reveals that the bears currently have upper hands, and
as a result of this, we might see some selling pressure in force this week.
EUR/JPY: The
EUR/JPY first consolidated last week, but it broke upwards on April 23, 2015.
The upward break has enabled a Bullish Confirmation Pattern to form in the
market, and the price might reach the supply levels at 130.50 and 131.00. This
outlook would be valid as long as the EUR does not sustain exponential
weakness.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
What Super Traders Don’t Want You
To Know: http://www.advfnbooks.com/books/supertraders/index.html
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